PTI and BL reported that Steel Authority of India has jacked up prices of long products by INR 2,000 per tonne to INR 3,000 a tonne with effect from February 1.

As per PTI report “SAIL has increased the price of TMT bars by INR 2,500 per tonne to INR 40,000 a tonne. The price of angles has also been raised by 3,000 per tonne to INR 37,500 a tonne. At the same time, channels now cost INR 37,500 per tonne from 35,000 a tonne earlier.”

SAIL, however, kept the price unchanged for hot rolled and cold rolled coils. There is no rise for the galvanised sheets as well.

However, SAIL officials clarified to BL that the selling prices for end users in February remain unchanged.

Mr CS Verma chairman of SAIL told Business Line that “The demand is picking up and it is going to be a brisk quarter. The current quarter also happens to be the last quarter of the terminal year of the 11th 5 Year Plan. As a result, there is a rush to meet targets on various government projects, thereby triggering an increased demand.”

As per BL, SAIL had increased the prices of its entire range of products by INR 1,000 a tonne in January, the second such increase since October.

(Sourced from PTI & BL)